DragonWave signs $1M deal

An existing customer of Ottawa-based DragonWave Inc. (TSX:DWI) has signed a three-year contract to purchase the local firm’s networking equipment.

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WireIE is a Canadian wholesale network operator specializing in rural and remote locations.

““Our solution for bringing Carrier Ethernet to remote areas is unique because it demands equipment that can perform reliably in the harshest of outdoor conditions,” said WireIE president and CEO Rob Barlow in a statement.

DragonWave says the contract is worth approximately $1 million in the first year.

The Ottawa company’s microwave radio system equipment transmits voice and data wirelessly between cell towers and providers' networks.

In its latest financial results, DragonWave tightened its losses and increased its revenues on the strength of sales to Nokia Siemens Networks.

DragonWave’s shares were up more than three per cent to $1.82 during midday trading on Wednesday, near the company’s 52-week low of $1.72 per share.